Tropicana redeems RM133.2 mil Sukuk Tranche 5, cumulative repayments reach RM1.25 bil

PETALING JAYA (April 16): Tropicana Corp Bhd (Tropicana) has redeemed RM133.2 million under its RM1.5 billion Islamic Medium-Term Notes (IMTN) 2020 Sukuk Wakalah Programme, bringing total cumulative payments under the programme to RM1.25 billion.

The redemption forms part of several initiatives to reduce overall borrowings and strengthen the group's balance sheet.

In March 2026, the group announced the full redemption of RM89.43 million, its outstanding Tranche 1 Perpetual Sukuk Musharakah.

In October 2025, Tropicana announced the fulfilment of a RM139 million payment obligation, representing the Tranche 4 payment under the IMTN 2020 Sukuk Wakalah Programme.

In November 2025, Tropicana issued RM300 million under its IMTN 2024 Sukuk Wakalah Programme — upsized from an initial RM200 million following strong investor demand.

The issuance was oversubscribed, with a significant portion taken up by government-linked institutional investors.

Tropicana's unbilled sales stand at RM2.0 billion.

The group's ongoing and upcoming developments across Malaysia carry a combined estimated Gross Development Value (GDV) exceeding RM7.5 billion.

For the financial year ended Dec 31, 2025, the group reported total revenue of RM1.5 billion, marking an increase of RM83.9 million or 6.0% compared to the previous year.

The growth was primarily driven by higher progress billings across key projects in the Klang Valley, as well as the Southern and Northern regions.

MARC Ratings has upgraded its outlook on Tropicana to positive from stable, while affirming its A rating.

The revision reflects improvements in the group's balance sheet, supported by deleveraging initiatives and asset disposals.

"The redemption of the Tranche 5 IMTN reflects the steady progress we are making in strengthening Tropicana as an organisation and reinforces our commitment to meeting our obligations.

"We will continue transforming Tropicana into a future-ready group focused on sustainable growth.

"Our strategy prioritises strengthening our core property segment through an asset-light model, leveraging our development expertise, distinctive DNA, and strong ESG commitments.

"We extend our sincere appreciation to our business partners for their continued support and trust in the Group," said the management.

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